by Xinhua writer Wu Xia
BEIJING, March 29 (Xinhua) -- Leaders of the five most dynamic emerging economies in the world are meeting in the Indian capital of New Delhi for the fourth annual summit of the BRICS countries.
The group, which consists of Brazil, Russia, India, China and South Africa, will discuss how to improve global governance and promote sustainable development.
With the global economic order gradually shifting in favor of successful emerging economies, some in the West might cast a wary eye on any major gatherings of the BRICS countries.
However, the truth is that a more dynamic group of major emerging economies will not only strengthen cooperation among themselves, but also help promote global development and build a more constructive relationship between the developing and developed economies.
The BRICS, with roughly 42 percent of the world's total population and more than a quarter of the world's landmass, had a combined nominal GDP of 13.6 trillion U.S. dollars in 2011, about 20 percent of the world's total, according to estimates by the International Monetary Fund.
In a time of serious global economic challenges, the BRICS countries have shown strong and sustained growth, which has made it an indispensable engine for the world economic growth.
The developed countries, which have been hit hard by a protracted global financial crisis and an ugly European sovereign debt mess, have benefitted much from the growth of BRICS countries.
As a young grouping initiated less than six years ago, the BRICS has much to do to work out a smoother mechanism to facilitate trade and investment -- a key area of cooperation -- among its members, and share experience in addressing development issues, such as environmental protection, food security and social development.
The fourth BRICS summit is part of an annual platform to share knowledge and experience in responding to these challenges and to discuss trade and economic cooperation among members and other developing countries.
It would be an misinterpretation to call BRICS a political bloc rivaling industrialized economies. In fact, the BRICS countries, including China, have viewed major developed economies as strategic partners for development and always aimed to build a constructive relationship with them.
For the world to quickly pull out of the ongoing crisis, a stronger tie should be cemented between developed countries and emerging economies to pool their resources together to address pressing global challenges.